Beverly Hills-based Endeavor announced Monday it will sell sports betting firm OpenBet, in a management buyout backed by Chief Executive Ari Emanuel.
Endeavor said it will sell OpenBet, along with sports data provider IMG Arena, to OB Global Holdings LLC for $450 million in cash and debt, an amount much less than what Endeavor paid for OpenBet two years ago.
The move comes as Endeavor is taking steps to be taken private by its largest investor, private equity firm Silver Lake, about three years after it began trading on the public market.
Endeavor executives in the past have expressed frustration about the company’s stock price not reflecting the value of its assets — a mixture of entertainment- and sports-related businesses that the company believes add value to each other.
Endeavor had purchased OpenBet from Light & Wonder Inc. in 2022 in a deal worth around $800 million. At the time, Emanuel said the acquisition would “enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.”
Endeavor said it will “continue to market IMG ARENA for sale to a third-party purchaser.”
“This management buyout allows us to continue executing our vision for increased market expansion and product innovation,” said OpenBet CEO Jordan Levin in a statement. “Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Levin will continue to lead OpenBet after the deal closes, Endeavor said.
Last month, Endeavor said it would sell three of its businesses — Professional Bull Riders, hospitality business On Location and global sports marketing agency IMG — to WWE and UFC owner TKO Group Holdings in an all-equity deal valued at $3.25 billion.
Endeavor also said it is exploring the potential sale of Miami Open and Madrid Open, the ATP Masters 1000 and WTA 1000 tennis tournaments and art organization Frieze.
Endeavor stock closed at $28.90, down 0.17% on Monday.
Beverly Hills-based Endeavor announced Monday it will sell sports betting firm OpenBet, in a management buyout backed by Chief Executive Ari Emanuel.
Endeavor said it will sell OpenBet, along with sports data provider IMG Arena, to OB Global Holdings LLC for $450 million in cash and debt, an amount much less than what Endeavor paid for OpenBet two years ago.
The move comes as Endeavor is taking steps to be taken private by its largest investor, private equity firm Silver Lake, about three years after it began trading on the public market.
Endeavor executives in the past have expressed frustration about the company’s stock price not reflecting the value of its assets — a mixture of entertainment- and sports-related businesses that the company believes add value to each other.
Endeavor had purchased OpenBet from Light & Wonder Inc. in 2022 in a deal worth around $800 million. At the time, Emanuel said the acquisition would “enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.”
Endeavor said it will “continue to market IMG ARENA for sale to a third-party purchaser.”
“This management buyout allows us to continue executing our vision for increased market expansion and product innovation,” said OpenBet CEO Jordan Levin in a statement. “Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Levin will continue to lead OpenBet after the deal closes, Endeavor said.
Last month, Endeavor said it would sell three of its businesses — Professional Bull Riders, hospitality business On Location and global sports marketing agency IMG — to WWE and UFC owner TKO Group Holdings in an all-equity deal valued at $3.25 billion.
Endeavor also said it is exploring the potential sale of Miami Open and Madrid Open, the ATP Masters 1000 and WTA 1000 tennis tournaments and art organization Frieze.
Endeavor stock closed at $28.90, down 0.17% on Monday.
Beverly Hills-based Endeavor announced Monday it will sell sports betting firm OpenBet, in a management buyout backed by Chief Executive Ari Emanuel.
Endeavor said it will sell OpenBet, along with sports data provider IMG Arena, to OB Global Holdings LLC for $450 million in cash and debt, an amount much less than what Endeavor paid for OpenBet two years ago.
The move comes as Endeavor is taking steps to be taken private by its largest investor, private equity firm Silver Lake, about three years after it began trading on the public market.
Endeavor executives in the past have expressed frustration about the company’s stock price not reflecting the value of its assets — a mixture of entertainment- and sports-related businesses that the company believes add value to each other.
Endeavor had purchased OpenBet from Light & Wonder Inc. in 2022 in a deal worth around $800 million. At the time, Emanuel said the acquisition would “enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.”
Endeavor said it will “continue to market IMG ARENA for sale to a third-party purchaser.”
“This management buyout allows us to continue executing our vision for increased market expansion and product innovation,” said OpenBet CEO Jordan Levin in a statement. “Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Levin will continue to lead OpenBet after the deal closes, Endeavor said.
Last month, Endeavor said it would sell three of its businesses — Professional Bull Riders, hospitality business On Location and global sports marketing agency IMG — to WWE and UFC owner TKO Group Holdings in an all-equity deal valued at $3.25 billion.
Endeavor also said it is exploring the potential sale of Miami Open and Madrid Open, the ATP Masters 1000 and WTA 1000 tennis tournaments and art organization Frieze.
Endeavor stock closed at $28.90, down 0.17% on Monday.
Beverly Hills-based Endeavor announced Monday it will sell sports betting firm OpenBet, in a management buyout backed by Chief Executive Ari Emanuel.
Endeavor said it will sell OpenBet, along with sports data provider IMG Arena, to OB Global Holdings LLC for $450 million in cash and debt, an amount much less than what Endeavor paid for OpenBet two years ago.
The move comes as Endeavor is taking steps to be taken private by its largest investor, private equity firm Silver Lake, about three years after it began trading on the public market.
Endeavor executives in the past have expressed frustration about the company’s stock price not reflecting the value of its assets — a mixture of entertainment- and sports-related businesses that the company believes add value to each other.
Endeavor had purchased OpenBet from Light & Wonder Inc. in 2022 in a deal worth around $800 million. At the time, Emanuel said the acquisition would “enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.”
Endeavor said it will “continue to market IMG ARENA for sale to a third-party purchaser.”
“This management buyout allows us to continue executing our vision for increased market expansion and product innovation,” said OpenBet CEO Jordan Levin in a statement. “Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Levin will continue to lead OpenBet after the deal closes, Endeavor said.
Last month, Endeavor said it would sell three of its businesses — Professional Bull Riders, hospitality business On Location and global sports marketing agency IMG — to WWE and UFC owner TKO Group Holdings in an all-equity deal valued at $3.25 billion.
Endeavor also said it is exploring the potential sale of Miami Open and Madrid Open, the ATP Masters 1000 and WTA 1000 tennis tournaments and art organization Frieze.
Endeavor stock closed at $28.90, down 0.17% on Monday.
Beverly Hills-based Endeavor announced Monday it will sell sports betting firm OpenBet, in a management buyout backed by Chief Executive Ari Emanuel.
Endeavor said it will sell OpenBet, along with sports data provider IMG Arena, to OB Global Holdings LLC for $450 million in cash and debt, an amount much less than what Endeavor paid for OpenBet two years ago.
The move comes as Endeavor is taking steps to be taken private by its largest investor, private equity firm Silver Lake, about three years after it began trading on the public market.
Endeavor executives in the past have expressed frustration about the company’s stock price not reflecting the value of its assets — a mixture of entertainment- and sports-related businesses that the company believes add value to each other.
Endeavor had purchased OpenBet from Light & Wonder Inc. in 2022 in a deal worth around $800 million. At the time, Emanuel said the acquisition would “enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.”
Endeavor said it will “continue to market IMG ARENA for sale to a third-party purchaser.”
“This management buyout allows us to continue executing our vision for increased market expansion and product innovation,” said OpenBet CEO Jordan Levin in a statement. “Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Levin will continue to lead OpenBet after the deal closes, Endeavor said.
Last month, Endeavor said it would sell three of its businesses — Professional Bull Riders, hospitality business On Location and global sports marketing agency IMG — to WWE and UFC owner TKO Group Holdings in an all-equity deal valued at $3.25 billion.
Endeavor also said it is exploring the potential sale of Miami Open and Madrid Open, the ATP Masters 1000 and WTA 1000 tennis tournaments and art organization Frieze.
Endeavor stock closed at $28.90, down 0.17% on Monday.
Beverly Hills-based Endeavor announced Monday it will sell sports betting firm OpenBet, in a management buyout backed by Chief Executive Ari Emanuel.
Endeavor said it will sell OpenBet, along with sports data provider IMG Arena, to OB Global Holdings LLC for $450 million in cash and debt, an amount much less than what Endeavor paid for OpenBet two years ago.
The move comes as Endeavor is taking steps to be taken private by its largest investor, private equity firm Silver Lake, about three years after it began trading on the public market.
Endeavor executives in the past have expressed frustration about the company’s stock price not reflecting the value of its assets — a mixture of entertainment- and sports-related businesses that the company believes add value to each other.
Endeavor had purchased OpenBet from Light & Wonder Inc. in 2022 in a deal worth around $800 million. At the time, Emanuel said the acquisition would “enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.”
Endeavor said it will “continue to market IMG ARENA for sale to a third-party purchaser.”
“This management buyout allows us to continue executing our vision for increased market expansion and product innovation,” said OpenBet CEO Jordan Levin in a statement. “Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Levin will continue to lead OpenBet after the deal closes, Endeavor said.
Last month, Endeavor said it would sell three of its businesses — Professional Bull Riders, hospitality business On Location and global sports marketing agency IMG — to WWE and UFC owner TKO Group Holdings in an all-equity deal valued at $3.25 billion.
Endeavor also said it is exploring the potential sale of Miami Open and Madrid Open, the ATP Masters 1000 and WTA 1000 tennis tournaments and art organization Frieze.
Endeavor stock closed at $28.90, down 0.17% on Monday.
Beverly Hills-based Endeavor announced Monday it will sell sports betting firm OpenBet, in a management buyout backed by Chief Executive Ari Emanuel.
Endeavor said it will sell OpenBet, along with sports data provider IMG Arena, to OB Global Holdings LLC for $450 million in cash and debt, an amount much less than what Endeavor paid for OpenBet two years ago.
The move comes as Endeavor is taking steps to be taken private by its largest investor, private equity firm Silver Lake, about three years after it began trading on the public market.
Endeavor executives in the past have expressed frustration about the company’s stock price not reflecting the value of its assets — a mixture of entertainment- and sports-related businesses that the company believes add value to each other.
Endeavor had purchased OpenBet from Light & Wonder Inc. in 2022 in a deal worth around $800 million. At the time, Emanuel said the acquisition would “enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.”
Endeavor said it will “continue to market IMG ARENA for sale to a third-party purchaser.”
“This management buyout allows us to continue executing our vision for increased market expansion and product innovation,” said OpenBet CEO Jordan Levin in a statement. “Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Levin will continue to lead OpenBet after the deal closes, Endeavor said.
Last month, Endeavor said it would sell three of its businesses — Professional Bull Riders, hospitality business On Location and global sports marketing agency IMG — to WWE and UFC owner TKO Group Holdings in an all-equity deal valued at $3.25 billion.
Endeavor also said it is exploring the potential sale of Miami Open and Madrid Open, the ATP Masters 1000 and WTA 1000 tennis tournaments and art organization Frieze.
Endeavor stock closed at $28.90, down 0.17% on Monday.
Beverly Hills-based Endeavor announced Monday it will sell sports betting firm OpenBet, in a management buyout backed by Chief Executive Ari Emanuel.
Endeavor said it will sell OpenBet, along with sports data provider IMG Arena, to OB Global Holdings LLC for $450 million in cash and debt, an amount much less than what Endeavor paid for OpenBet two years ago.
The move comes as Endeavor is taking steps to be taken private by its largest investor, private equity firm Silver Lake, about three years after it began trading on the public market.
Endeavor executives in the past have expressed frustration about the company’s stock price not reflecting the value of its assets — a mixture of entertainment- and sports-related businesses that the company believes add value to each other.
Endeavor had purchased OpenBet from Light & Wonder Inc. in 2022 in a deal worth around $800 million. At the time, Emanuel said the acquisition would “enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.”
Endeavor said it will “continue to market IMG ARENA for sale to a third-party purchaser.”
“This management buyout allows us to continue executing our vision for increased market expansion and product innovation,” said OpenBet CEO Jordan Levin in a statement. “Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Levin will continue to lead OpenBet after the deal closes, Endeavor said.
Last month, Endeavor said it would sell three of its businesses — Professional Bull Riders, hospitality business On Location and global sports marketing agency IMG — to WWE and UFC owner TKO Group Holdings in an all-equity deal valued at $3.25 billion.
Endeavor also said it is exploring the potential sale of Miami Open and Madrid Open, the ATP Masters 1000 and WTA 1000 tennis tournaments and art organization Frieze.
Endeavor stock closed at $28.90, down 0.17% on Monday.
